ERG Group claims forecast $10m loss is a turning point

Balcatta-based transport systems technology developer ERG Group chairman Colin Henson told shareholders today the company had "reached a turning point" following its net loss of $74.8 million last financial year.

Speaking at the company's annual general meeting this morning, Mr Henson labelled last year's result "disappointing", but said ERG's balance sheet was now "clean (and) transparent".

Mr Henson said the company expected to make a loss of $10 million for the current financial year.

"However, we approach the coming calendar year with fresh confidence that management will succeed in achieving the large project milestones," he said.

ERG had made progress in project delivery and in positioning the company for future growth, with a sustainable business model and solid prospects, he said.